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Dominion Finance awaits KordaMentha report; stock suspended

Thursday 10th July 2008

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Dominion Finance Holdings, the New Zealand finance company that stopped payments to debenture and note holders, said it is awaiting advice from KordaMentha before deciding on terms for the moratorium.

The stock was suspended from trading by NZX Regulation this week after Dominion Financial missed deadlines to file its annual report.

The company "is still working through the implications of the proposed moratoriums on the financial statements of each member of the group and completing its audit processes," it said in a statement.

The report from KordaMentha is expected in the next few days and will then be discussed with trustees and bankers for each part of the group, it said.

Shares of Dominion Finance plunged to as little as 11.5 cents on June 30 from almost NZ$1.50 at the start of the year.

Its Dominion Finance Group Ltd. and North South Finance Ltd. units have been hurt by the international credit crisis and the inability of some borrowing clients to refinance or repay debt, the company said on June 17.

By Jonathan Underhill

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